U.S. Securities and Exchange Commission

LITIGATION RELEASE NO. 18647 / March 30, 2004

On March 30, 2004, the Securities and Exchange Commission commenced proceedings to collect a civil penalty previously ordered in a Commission administrative proceeding against Ricky A. Lang ("Lang"), a resident of Lakewood, Colorado and Zion Capital Management LLC ("Zion"). The complaint, filed pursuant to Section 21(e) of the Securities Exchange Act of 1934 and Section 209(d) of the Investment Advisers Act, asks a federal court to order Lang and Zion to comply with the Commission's Order and pay $211,821 of disgorgement, $87,343 of prejudgment interest, and a $220,000 civil money penalty. The complaint charges that Lang and Zion failed to comply with the terms of a prior Commission order imposing remedial sanctions issued In the Matter of Ricky A. Lang, et. al, Administrative Proceeding File No. 3-10659 issued on December 11, 2003.